LIVINGSTON’S very existence could come under threat after the SFA yesterday found the club guilty of breaking dual ownership regulations.

Livingston are on the brink of collapse after a dual ownership scandal

An SFA Disciplinary Tribunal, which began hearing evidence back in October, have ruled that Lions principal shareholder Neil Rankine also holds an interest in League Two outfit East Fife.

And the governing body have given him until April 10 to dispose of his stake in either Livingston or the Methil outfit.

Should he refuse to do so, the SFA – which has found the Lions guilty of breaching Rules 1, 7, 21, and 86 – could suspend Livingston’s licence.

The severity of the punishment will be determined on whether Rankine relinquishes either shareholding.

The Disciplinary Panel will reconvene on February 13, when it is expected Livi will give the SFA an update of Rankine’s intentions.

Rankine owns 50 per cent of the West Lothian outfit’s parent company Livingston 5 Limited, which in turn controls 96 per cent of the club’s shares.

And, through majority East Fife shareholder Lorraine Johnston Twigg, the SFA have decided he also holds an interest at the Fife outfit.

An SFA statement read: “All breaches established. The panel have continued the hearing until Friday, 13th February 2015, pending further submissions from the club.”

After finding Livi guilty, the SPFL are also duty-bound to carry out their own investigation. And it is believed they are concerned over the punishment that will be meted out by their Hampden counterparts.

Suspending Livi’s licence would see them prevented from playing games of any kind.

But the Almondvale outfit would be allowed to appeal against any punishment.

Rankine declined to comment but maintains he is innocent of any wrongdoing.

The SFA recently dropped a charge relating to Dumbarton that was part of the initial Notice of Complaint that was issued last August.

Rankine has admitted he is still due around £200,000 after selling Dumbarton in 2008 for £1.6million.

Yesterday’s verdict is the latest in a list of controversial problems that have beset the club.

Livi were hit with a five-point penalty and £10,000 fine by the SPFL in November after defaulting on payments to HMRC.

Rankine has also previously warned the Lions could be forced into a third administration if former chief executive Ged Nixon is successful in suing the club for around £300,000.

That case is due to be heard at the Court of Session in Edinburgh early next month.

Livi are six points adrift at the Championship basement ahead of today’s visit of Cowdenbeath.